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E-Financial

Paylater Rebrands as “Carbon” to Become a ‘Digital Financial Services Platform’

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Paylater, the Nigerian fintech company specializing in consumer lending, today confirmed its much-anticipated name change in light of its growing banking services. Re-launching as “Carbon, the rebrand reflects the company’s deliberate transition to a fully-fledged digital financial services platform that now offers bill payments, fund transfers and savings products, in addition to loans.

As Carbon positions itself as a financial partner for its customers and goes beyond banking, the rebrand also sees the company’s mobile app being renamed to Carbon, which introduces brand new products such as free credit reports and a wallet for its customers to perform discounted transactions.

The transition is set to lay the foundations for Carbon’s focus on providing a wide portfolio of services for its customers, as it introduces in-app credit reports and provides credit via QR codes, in partnership with Visa.

Speaking on Paylater’s new name, the company’s co-founder and CEO Chijioke Dozie said: “It was very deliberate – most of our customers only know us as Paylater which conjures up images of credit, but we have grown as a company to offer so much more.

Carbon is one of the most essential elements for human life, it is found in all life forms and is extremely versatile. So to us, Carbon represents our aspiration to go everywhere with our customers, become an essential part of their lives and be versatile enough to change or innovate to fulfill their needs.

We know what our customers’ pain points and needs are when it comes to banking in Africa and we are building financial products around them”.

The company is also looking to move into providing health insurance for its customers as it looks to lessen the burdens Nigerians currently face in accessing and paying for it. In the near future, Carbon will also be launching their very own virtual Visa card for customers to handle transactions.

Co-Founder Ngozi Dozie added: “We’re in a competitive space but whoever serves the customer best will reap the rewards. That’s been the thinking behind our product evolution, whether it’s our Bloom account targeted at female entrepreneurs or the partnerships we’ve been working on in the healthcare sector. The focus is on being attentive to what our customers want and need”.

The rebrand brings to a close a busy few months for Carbon, after they acquired payments company Amplify, cementing their move into multiple strands of financial services. Carbon also secured a $5mn investment from fintech platform Lendable highlighting a bubble of activity for the company and in 2018, became the first African fintech platform to secure a Credit Rating.


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E-Financial

Active Bank Accounts Hit 311.6m— NIBSS

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Nigeria Inter-Bank Settlement System (NIBSS) has said the number of active bank accounts in Nigeria rose to 311.6 million in December 2024.

Active Bank Accounts Hit 311.6m— NIBSS

This data shows that there was a significant increase from 2023 when the number of active accounts was 202.6 million.

This indicated that a total of 106 million new accounts were opened or reactivated between January and December last year.

The data further showed that the number of inactive or dormant bank accounts in the country was 19.5 million, indicating a 7.9 per cent increase in the number of abandoned accounts year-on-year as the figure was 18.06 million at the end of 2023.

The NIBSS data further shows that the number of bank accounts that have been closed stood at 25.5 million, indicating that about 4.3 million bank accounts were closed in the year as the number of closed bank accounts was 21.2 million as of December 2023.

The number of active bank accounts in the country as of December 2024 shows a wide gap between the number of accounts and the number of Bank Verification Numbers (BVN), which is now a compulsory requirement for opening an account.

The NIBSS database shows that total registered BVNs by account owners stood at 64.8 million as of January 2025.


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E-Financial

LemFi, Nigerian Startup Acquires Bureau Buttercrane, Irish Fintech

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LemFi, a remittance startup, has acquired Bureau Buttercrane, the Irish currency exchange platform.

LemFi, Nigerian Startup Acquires Bureau Buttercrane, Irish Fintech

In a statement on Wednesday, LemFi announced that it had obtained regulatory approval from the Central Bank of Ireland to acquire Bureau Buttercrane.

The deal will enable Lemfi to use its Irish licence to operate across the European Economic Area (EEA) and unlock new growth opportunities.

Ridwan Olalere, chief executive officer (CEO), Lemfi, said the acquisition was driven by the need to secure the right regulatory framework for the company’s expansion in Europe.

“Rather than focusing on [Buttercane’s] tech stack or profitability, the acquisition was driven by our need to secure the right regulatory framework for our expansion,” Olalere said.

“We already have the technology; this was a strategic acquisition to ensure smooth and compliant operations across Europe.

“Europe is a big, complicated market with different payment methods, rules, and preferences across countries. We’re optimistic about growth, but it’s a challenging landscape.”

The acquisition comes almost three weeks after Lemfi secured $53 million in a Series B funding round to expand its operations to new countries.

Last year, the company expanded its international payment services to Brazil and Mexico.

 


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E-Financial

Insurance Sector Assets Soar to N3.388trn, Records N1.17trn Gross Premium

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The insurance sector in the third quarter 2024, posted Gross Premium written of N1.173 trillion against N1.003 trillion gross premium it posted in 2023.

Similarly, the sector grew its assets to N3.388 trillion against N2.7 trillion assets growth in 2023. With these achievements, the sector successfully sustained its growth trajectory at 60.9 per cent year-on-year and 44.3 per cent on a quarter-on-quarter basis.

This is contained in the latest publication of the National Insurance Commission (NAICOM) on the industry’s performance tagged, “Bulletin of the Insurance Market Performance Q3 2024.”

NAICOM in the publication said the insurance sector showed resilience amid macro-economic challenges.

The commission said the N1.173.1billion gross written premium was a remarkable occasion attributable to the consistent deepening policy of the commission and market resilience.

According to the commission, the performance was majorly led by the non-life sector, which recorded  a market share of 68.9 per cent for a total volume of N808.4billion while the life segment accounted for 31.1 per cent of the market premium aggregate.

The industry statistics reveals that the market has achieved a substantial higher rate of growth compared to the national output (GDP) which grew at 3.5 per cent during the period under review, signifying its impressive performance and potential propensity.

The Non-Life segment maintained its dominance, accounting for 68.9 per cent of the total premium generated during the period, closely aligning with its 69.1 percent share in the previous quarter.

Within this segment, the report said the Oil & Gas portfolio led with a 35.2 per cent contribution, followed by Fire Insurance at 21.3 per cent, Motor Insurance also accounted for 14.4 per cent while Marine & Aviation, General Accident, and Miscellaneous contributed 12.4 percent, 9.0 per cent and 7.5 per cent respectively.

According to the report, the life business on the other hand contributed 31.1 per cent of the total premium, gradually increasing its proportional share of the industry’s gross premium.

“Analysis of the Life Insurance segment also shows that, Annuity business accounted for 31.8 percent of the total gross premium, while Individual Life business led with about 41.8 percent contribution of all the life insurance premiums during the quarter,” the report said.

The report said notwithstanding the experiments within the financial services sector, underwriters exhibited undoubted certainty and confidence, as reflected in the robust retention levels across the market.

On claims payment, the report maintained that the improvements in claims management of the industry has served as driver for expansion in gross claims reported in Q3 2024, reaching N564.1 billion which is representative of about 48.1 per cent of the total premiums generated during the period.

 


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